Norwegian Cruise Line Holdings (NYSE:NCLH) sank 6% in after-hours trading yesterday after a regulatory filing disclosed the sale of roughly $1.5 million worth of shares by top insiders. President and CEO Frank Del Rio sold 58,072 shares of NCLH in multiple transactions at prices ranging from $18.30 to $18.38. Del Rio’s aggregate sale price amounted to $1.06 million. Post-stock sale, Del Rio now owns 1.34 million shares of the cruise line operator directly and another 27,875 shares through a family trust.
Similarly, EVP and CFO Mark Kempa sold 25,000 shares of NCLH stock in multiple transactions at a weighted average price of $18.537. Kempa’s total sales came to $463,425. Following the latest sale, Kempa now directly owns 197,651 shares of Norwegian Cruise Line.
The corporate insider’s stock sale is surprising at the current time when cruise liners are witnessing a strong demand for travel and bookings. Last week, Norwegian Cruise Line reported better-than-expected Q3FY22 results, pushing the stocks of all major cruise line operators higher. NCLH stock has lost 20.7% year to date, after gaining 27.5% in the previous three months.
What is the Price Target for NCLH?
On TipRanks, the average Norwegian Cruise Line Holdings price target is $20.30, which implies 15.4% upside potential to current levels. Also, analysts have a Moderate Buy consensus rating on NCLH stock with seven Buys and three Hold ratings.
